Invest NI: releasing Windsor Framework investment data could lead to 'disparaging comments' and damage the economy

Invest NI is also concerned that competitors could use the figures to make “disparaging comments” about how many expressions of interest were converted into investments – and portray Northern Ireland as either “not a serious contender” or “over-heating”.

A leading economist says it is better that the public are given the facts to allow a debate.

Jim Allister has called the public body’s position “nonsense” and said he will be seeking the figures via ministerial questions.

The News Letter has been seeking data on the number of expressions of interest by foreign investors after the Prime Minister said the Windsor Framework had created “the world's most exciting economic zone”.

Invest NI have said previously that they had “seen an increase in interest” in NI – but have blocked a Freedom of Information request for the figures saying disclosing them “would be likely to prejudice the economic interests” of NI.

The organisation said they are competing with ‘peer investment agencies’ – and if the information was released competitors could use it “to diminish our position”. They said if competitors perceived the level of interest as low, “the suggestion could be made that NI is not a serious contender” relative to competitors, potentially “discrediting our offering, thereby diminishing our chances of securing investment”.

“Conversely, if perceived as ‘high’, competitors could suggest to prospective investors that NI as an FDI location is at risk of ‘over-heating’ as a location and would not have sufficient talent capacity or lessened cost benefit to resource the project in question”.

They said if this number was considered "alongside our end of year results in terms of projects landed… competitors could make similar disparaging comments about our conversion rate from potential investors identified to projects secured”.

The News Letter had sought monthly statistics for the number of expressions of interest over the last five years – which was blocked.

However, Invest NI did release the number of actual foreign investments over the past five years, which fluctuate between the mid-teens to mid-twenties. Last year there were 27, five more than 2020/21 when the original NI protocol came into effect – and just one more than 2019/20 before the Protocol was operational.

Ulster University economist Dr Esmond Birnie says he is not convinced by Invest NI’s arguments. He said: “I entirely get that some aspects of Invest NI’s activity have to be kept confidential lest this aid agencies against which they are competing, it would not be reasonable to disclose which businesses they were talking to nor how much subsidy support NI was going to offer.

Dr Birnie continued: “Their argument is if that number is a low one then other regions could say ‘look at NI, very few firms want to go there so you shouldn’t think about it either’. There is some logic in that argument but as someone concerned about improving economic policy in NI I would rather the public knew the truth about the situation and we could then have an open debate about how to improve the situation”.

Mr Birnie added: “Let’s run a little bit with the logic of their argument because it cuts both ways - let’s say Invest NI was doing very well and attracting a lot of interest, according to their argument that is a fact they would want to publicise because it would be used as evidence to show ‘NI is a good investment location’. Given that they are in the space of claiming they must have non disclosure does it then follow that they must have ‘bad news’ which they do not want to reveal – investment agencies in other regions could probably draw this conclusion in any case”.

The News Letter asked economy minister Conor Murphy if he agreed with Invest NI’s position and if so – how can there be a healthy public debate about Invest NI’s performance. A spokesperson said: “Now that there is a degree of certainty on our trading relationships there is an opportunity to grow trade on both a north-south and east-west basis. Progress will be monitored going forward.”